What is Raymond James' Forecast for TSE:PD FY2024 Earnings?

Precision Drilling Co. (TSE:PD - Free Report) NYSE: PDS - Stock analysts at Raymond James decreased their FY2024 earnings per share (EPS) estimates for shares of Precision Drilling in a note issued to investors on Tuesday, October 15th. Raymond James analyst M. Barth now anticipates that the company will post earnings of $9.12 per share for the year, down from their prior forecast of $9.65. Raymond James also issued estimates for Precision Drilling's FY2026 earnings at $19.45 EPS.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS last issued its earnings results on Tuesday, July 30th. The company reported C$1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of C($0.85) by C$2.29. Precision Drilling had a return on equity of 15.01% and a net margin of 11.71%. The company had revenue of C$429.21 million for the quarter, compared to the consensus estimate of C$423.50 million.

Several other equities research analysts have also recently weighed in on PD. BMO Capital Markets reduced their price target on shares of Precision Drilling from C$140.00 to C$130.00 in a research report on Friday, October 4th. TD Securities lowered their price target on shares of Precision Drilling from C$140.00 to C$120.00 and set a "buy" rating for the company in a report on Tuesday, October 8th. Royal Bank of Canada boosted their price objective on Precision Drilling from C$122.00 to C$125.00 and gave the stock an "outperform" rating in a research note on Thursday, August 1st. CIBC raised their price objective on Precision Drilling from C$130.00 to C$140.00 and gave the company an "outperform" rating in a research note on Wednesday, July 31st. Finally, ATB Capital dropped their target price on Precision Drilling from C$123.00 to C$113.00 in a report on Monday, September 23rd. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of C$126.90.

Precision Drilling Price Performance

PD stock traded up C$0.05 during mid-day trading on Thursday, hitting C$83.47. The company had a trading volume of 77,001 shares, compared to its average volume of 84,646. The company has a market capitalization of C$1.18 billion, a price-to-earnings ratio of 5.21, a P/E/G ratio of -3.24 and a beta of 2.76. The company has a 50-day moving average price of C$90.62 and a 200 day moving average price of C$94.49. The company has a quick ratio of 1.36, a current ratio of 1.51 and a debt-to-equity ratio of 56.37. Precision Drilling has a 12-month low of C$67.46 and a 12-month high of C$109.20.

Insiders Place Their Bets

In related news, Senior Officer Veronica H. Foley sold 5,335 shares of the firm's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of C$99.49, for a total transaction of C$530,779.18. In other news, Director David Williams sold 3,500 shares of the firm's stock in a transaction on Monday, August 26th. The stock was sold at an average price of C$100.01, for a total value of C$350,035.00. Also, Senior Officer Veronica H. Foley sold 5,335 shares of the company's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of C$99.49, for a total value of C$530,779.18. 2.12% of the stock is owned by company insiders.

Precision Drilling Company Profile

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.